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Infrastructure developers and development finance companies cheered the Reserve Bank of India's (RBI) move to cut policy repo rate in its third quarter review of monetary policy.
Infrastructure developers urged banks to pass on the cut in policy rate to borrowers and thereby reduce the cost of funding for infrastructure firms. Also, these companies want the RBI to cut policy rates further in the forthcoming policy reviews.
Some firms like Ramky Infra said the government needs to take more steps in order to boost growth in the sector.
Infrastructure firms want government to address delay in projects because of copious statutory clearances, land acquisition problems, fuel linkages etc.
The delay in infrastructure projects causes cost escalation and threatens the viability of the project, experts said.
In this regard, the infrastructure developers hope that the newly formed Cabinet Committee on Infrastructure (CCI) would expedite clearance for various projects.
The CCI would meet on January 30 to decide on giving clearance to some oil and gas blocks.